The Swiss National Bank raised its policy interest rate by 25 basis points on Thursday as the central bank pressed ahead with its campaign to dampen stubborn inflation and left the door open for more tightening. The increase, in line with forecasts in a Reuters poll, meant Swiss interest rates were now at their highest level since April 2002. AdvertisementOn Thursday the SNB increased its policy rate and the rate it charges on sight deposits to 1.75% from the 1.5% level set in March. The increase, in line with forecasts in a Reuters poll, meant Swiss interest rates were now at their highest level since October 2008. Jordan acknowledged that higher interest rates were leading to higher rents, with the knock-on effect of adding to inflation.

Source: Indian Express June 22, 2023 10:04 UTC